Share Market Update: Sensex rises 632 points, Nifty ends above 16,350

The Indian market opened higher today amid positive global cues. Sensex rose 457 points to 54,709 and Nifty gained 126 points to 16,296. The market snapped its three-session losing streak on May 26 in a highly volatile session. Sensex rose 503 points to 54,252 and Nifty gained 144 points to 16,170. Tata Steel SBI, HDFC Bank and Axis Bank were among the top Sensex gainers, rising up to 5.27 percent. Sun Pharma, RIL, HUL, and L&T were the top Sensex losers, falling up to 1.16 percent.

Here's what to expect on Dalal Street today.

3:30 pm: Market ends higher

Sensex rises 632 points to 54,884 and Nifty ends 182 points higher at 16,352.

2:30 pm: This mid cap stock turned into a multibagger in just three months

Shares of Mangalore Refinery and Petrochemicals Ltd (MRPL) have rallied 100 per cent in the last three months. The stock, which closed at Rs 39.55 on February 25, 2022, rose to a high of Rs 78.30 on the BSE today (May 27). An amount of Rs 1 lakh invested in the shares of Mangalore Refinery three months ago would have turned into Rs 2 lakh today.

In comparison, Sensex has slipped 4.17 per cent during the period.ALSO READ

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1:50 pm: Top Sensex gainers

Tech Mahindra, Bajaj Finance, IndusInd Bank and Wipro are the top Sensex gainers, rising up to 4 percent

 1:45 pm: Latest update

Sensex rises 608 points to 54,860 and Nifty gains 178 points to 16,348 in the afternoon session.

12:51 pm: Paradeep Phosphates stock rises 7% on listing day

Shares of newly listed Paradeep Phosphates trading 7 percent higher at Rs 44.95  on BSE. The stock listed 4 percent higher at Rs 43.55 against the IPO price of Rs 42 on BSE. On the National Stock Exchange (NSE), the stock was listed at a premium of 5 per cent at Rs 44 against the IPO issue price.

12:49 pm: Market cap of BSE-listed firms rises to Rs 252.34 lakh crore.

12:36 pm: Top gainers

Tech Mahindra, Bajaj Finance and IndusInd Bank are the top Sensex gainers, rising up to 4% in the afternoon session.

12:31 pm: Latest Update

Sensex rises 438 points to 54,690 and Nifty gains 128 points to 16,298.

11:40 am: Ruchi Soya stock rises 4% post Q4 earnings

Ruchi Soya stock rose 4.07% to Rs 1139 after firm reported a 25.4 per cent year-on-year (YoY) drop in standalone profit after tax (PAT) at Rs 234.43 crore compared with Rs 314.33 crore in the same quarter last year.

10:29 am: Page Industries stock gains over 8% post Q4 earnings

Shares of Page Industries rose 8.43 percent to Rs 45,175 against the previous close of Rs  41665. Profit after tax rose 65 percent year-on-year to Rs 190.5 crore in Q4. Revenues climbed 26.2 percent year-on-year to Rs 1,111 crore.

9:59 AM : EXPERT TAKE

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "Market data indicate that the  weakness in the US market is coming to an end. The Fed  minutes suggest pausing by year end after front- loading rate hikes. Also, there are indications of the US economy slowing  down which will enable the Fed to be less hawkish than the market discounted."

"FPI selling, the main trigger for the market weakness in India, is showing signs of exhaustion. DII and retail buying and overwhelming FPI selling along with short covering can trigger a near-term rally. High quality large-caps can stage a rally. Leading banks are safe bets," he added.

9:35 am: Piramal Enterprises stock slips 7% post Q4 earnings

Piramal Enterprises Ltd on Thursday reported a consolidated net profit of Rs 150.53 crore in the fourth quarter ended March 31, 2022. The company had posted a consolidated net loss of Rs 510.39 crore in the year-go period. The stock is trading 7 per cent lower at Rs 1727 against the previous close of Rs 1855.90 on BSE.

9:22 am: Expert take

Mohit Nigam, Head - PMS, Hem Securities said, "Indian markets finished a volatile session higher on Thursday - the last day of the May series of derivatives. Gains across most sectors pushed the headline indices higher, helping them halt a three-day-long losing streak. Today, benchmark indices are likely to make optimistic start tracking strength across global markets. Traders may take note of a private report that the Reserve Bank will opt for a larger, 0.50 per cent, hike in key rates at its next monetary policy review in June to protect medium term economic stability in face of the uncomfortable inflation situation. There will be some reaction in auto and insurance industry stocks as the ministry of road transport and highways revised base premium rates for third-party insurance of vehicles for the first time since the onset of Covid-19. The US markets ended higher on Thursday after optimistic retail earnings outlooks and waning concerns about overly aggressive interest rate hikes by the Federal Reserve put investors in a buying mood. Asian markets are trading in green on Friday thanks to strong results from regional tech firms and US retailers."

9:17 am: Market opens higher

Sensex rises 457 points to 54,709 and Nifty gains 126 points to 16,296.

8:46 am: Expert take

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said, "On daily charts, Nifty has formed a long leg Hammer formation which supports further uptrend from the current levels. For the trend following traders, 16,050-16,000 would act as a key support zone. Trading above the same, the index could rally up to 16300-16375. On the flip side, below 16000, uptrends would be vulnerable. Below which, bulls may prefer to exit out from the trading long positions. Below 16000, the index could retest the level of 15,900-15,850.”

8:30 am: SGX Nifty

The Indian market is likely to open higher today as SGX Nifty rose 89 points to 16,265. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on Thursday

The Indian market snapped its three-session losing streak on May 26 in a highly volatile session. Sensex rose 503 points to 54,252 and Nifty gained 144 points to 16,170. Tata Steel SBI, HDFC Bank and Axis Bank were among the top Sensex gainers, rising up to 5.27 percent. Sun Pharma, RIL, HUL, and L&T were the top Sensex losers, falling up to 1.16 percent.